The recent record highs in unemployment have already begun to decline. Media negativity about 20% unemployment, is excessive
April’s 2020 unemployment report from the U.S. Bureau of Labor Statistics hit an all-time high with data that showed alarming hardships for many individuals and families. Despite the media’s doomsday scenarios, there is hope as businesses reopen and many people seek rapid re-employment.
The March unemployment report recorded a loss of nearly 700,000 jobs, which quickly raised the unemployment to 4.4%. Some experts are now forecasting that rates of 15% – 20% are likely.
What’s happened over the last several weeks?
This spring’s weekly unemployment filings were:
The number of additional unemployment claims has decreased week over week since the beginning of April according to Carlos Rodriguez, CEO of Automatic Data Processing (ADP), based on the likelihood of a near-term return to normalcy: “It’s possible that companies are already anticipating some kind of normalization, openings in certain states and are starting to post jobs.” Rodriguez continues this doesn’t mean all companies are hiring, but it is likely to mean that many are not cutting jobs anymore.
What will the future bring?
Most experts predict that while unemployment is high right now, it won’t be that way for long. The length of unemployment during this crisis is projected to be significantly shorter than the duration seen in the Great Recession and the Great Depression. While forecasts may be high, the numbers are trending down and the length of time isn’t expected to last forever.
Don’t let the headlines rattle you. There’s hope coming as we start to safely reopen businesses throughout the country. Unemployment affects our families, our businesses, and our country. Our job is to rally around those impacted and do our part to support them through this time.